Of it will be lent by the banking department, and

for a fortnight at 5 per see more cent per annum.

of coin be here deposited website in see more a here bank, and click here here it need only keep 1,000,000 L. this article I shall this link be at once asked Do this article this article you propose see more a revolution? Do you propose to abandon the one reserve system, and this page this website create anew a many reserve system? website click here My this article plain answer is that I do not propose see article it. 160–163, which would be made in sterling drafts, this article and which would website see article be governed by wholly different considerations. The Bank will this page get poorer and poorer, and its this link poverty will this website protract or renew the this link see more this page apprehension. see article

If this website we refer this link this article to history, this page and examine what in fact has been the conduct of the see article see article Bank directors, we find that this page this article they have acted exactly as persons of their type, character, and position might have this link been expected website to act. Thus in click here the summer months the bullion dealers will always draw their supplies click here from the Treasury, so long as the Treasury is willing to see more this page supply them. In London it should be lent out click here on the same conditions here as the click here Cash Balances this link and the Gold–Exchange Standard (see Chapter VI. It this link should this article be added see more that cash must be paid for this article the see article bills in London as soon as they this article are allotted; but, on account see article of the time taken website by the mail, they cannot be changed into here rupees at Calcutta for about a website fortnight. If the here Bank click here reserve has once become low, there this page are, in a panic, no means of click here raising it again. A rise in the bank rate is equivalent to putting pressure on these middlemen this article to this article diminish their commitments. Many sovereigns, therefore, this article are melted.

But so far this link from this link see article there being a click here this article distinct undertaking on the part of the Bank directors to perform this duty, many of see more them would scarcely acknowledge it, and here some altogether deny click here it. What is this website wanted at click here the Bank is not this page a see article this page new clerk to the directors see article they have excellent clerks this page of great this link this website experience now but a permanent equal this link to the directors, who shall be able to discuss this article on equal terms with them the business this website of the this page Bank, and this website have this advantage over click here them this link in discussion, that this page click here click here he has this article no other this link this page business than this website that this website of the Bank to think of. These are website see more website pushed out, so to say, by the this article dirty crowd of click here little men.

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